Institutional Property Advisors Brokers Mid-Cities Multifamily Asset Sale in Texas
Marcus & Millichap (NYSE: MMI) announced the sale of Domain Founders Parc, a 285-unit apartment property in Euless, Texas. Managed by IPA, the property saw strong leasing with an average of 24 leases per month since its opening in Q2 2020. Euless has experienced an 11% population growth since 2010, currently nearing 60,000 residents. Key employers nearby include American Airlines and General Motors. The development offers modern amenities and is a component of a larger mixed-use project, enhancing urban living without the drawbacks of city life.
- Strong leasing activity with an average of 24 leases per month since Q2 2020.
- Euless population growth of 11% since 2010 supports demand for residential properties.
- Proximity to major employers like American Airlines and General Motors attracts residents.
- None.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Domain Founders Parc, a 285-unit apartment property located within Founders Parc, the newest mixed-use development in Euless, Texas.
“Founders Parc is a multifamily asset with unmatched unit interiors and community amenities,” said Drew Kile, IPA senior managing director. “Upon opening the doors in Q2 2020, the property experienced exceptional leasing velocity with an average of 24 leases per month, and in January 2021 the gross lease count was 41.” Kile and IPA’s Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware represented the seller, Embrey Partners and The Carlyle Group, and procured the buyer, American Landmark. “Since 2010, the population in Euless has increased
The property is three miles southwest of Dallas-Fort Worth International Airport and is equal distance from Dallas and Fort Worth. Employers close to the property include American Airlines, Bell Helicopter, General Motors, Lockheed Martin, and Texas Health Resources. Texas Live!, a 200,000-square-foot entertainment center, is five miles away.
Completed in 2020 on nine acres, the three- and four-story garden-style property has a fitness studio, cyber lounge and coffee bar, conference rooms, a fire pit and outdoor kitchen. Apartments have wood-style flooring and full-size washers and dryers. The average unit size is 905 square feet.
“Domain at Founders Parc is the epicenter of Founders Parc, which upon full completion will have a variety of high-end commercial venues, restaurants, and housing options that will provide residents with a walkable urban lifestyle without the inconveniences of big-city living,” said Balthrope. “Having one Texas-based multifamily team serving institutional and large private investors gives IPA a distinct advantage in the marketplace and was a key element in the success of this closing.”
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20210625005437/en/
FAQ
What is the significance of the Domain Founders Parc sale for Marcus & Millichap (NYSE: MMI)?
How has the population growth in Euless affected real estate sales for MMI?
What type of amenities does Domain Founders Parc offer?
